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West Africa’s Top Banks in 2021 – Zenith Bank tops the table again

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In September 2021 Central Bank of Nigeria (CBN) governor Godwin Emefiele said he was optimistic that “by the end of the year, our economy will not only close the output gap brought about by the 2020 recession… we would end the year with an annual GDP growth of between 2.5% and 3% up from -1.92% in 2020”.

He added that economic damage to businesses was containable: “Our non-performing ratio in the banking industry in July 2021 stood at 5.4%, reflecting continued improvement from 6% in September 2020.”

The CBN reports that the banking sector capital adequacy ratio (15.5%) and the liquidity ratio (41.3%) have remained above prudential limits.

On 14 September CBN announced plans to launch a Nigerian International Financial Centre in the coming 12 months. This comes weeks after positive news stories in July of backing from the City of London for Kenya’s Nairobi International Financial Centre and £132m ($183m) of new UK investments into Kenya.

The launch of Nigeria’s digital currency, the eNaira, will provide opportunities but could also impact on the revenue models of financial institutions.

Zenith Bank tops the table again

For the size of its economy, Nigeria’s quality banks do not feature very high in our overall ranking of Africa’s Top 100 Banks in 2021. Top regional bank is again Zenith Bank, up from #14 last year to #13 with tier 1 capital up 15% to $2.3bn.

The Top 100 Banks survey ranks the banks according to their Tier 1 capital. This consists of: capital + reserves + retained earnings + minority interests. These are published in local currencies and then converted into US dollars at the exchange rates at the year-end date in the results (or on 31 December 2020), so changing FX rates can affect the ranking.

We collect the data from Bankers’ Almanac, Moody’s Analytics BankFocus and the in-house research of African Business, excluding some banks where data is old or unreliable. The table below lists the Top 20 banks in the West and Central African region along with their positions in the continental ranking.

Ecobank rises in the rankings

Togo-based Ecobank Transnational Incorporated rises from #18 to #16 in the continental ranking, with capital of $2bn, while subsidiary Ecobank Nigeria ranks at #37 after an impressive climb from #46, with capital up 20% to $726m, and Ecobank Ghana is at #92, with capital of $235m.

First Bank of Nigeria ranks #17, also with $2bn. Nigeria’s Access Bank, United Bank for Africa, and Guaranty Trust Bank make a hat-trick, ranking #21, #22 and #23 respectively and unchanged from last year.

Senegal’s Bank of Africa Group ranks #30 and BGFI Bank from Gabon in Central Africa ranks #40.

Ghana scores three banks in the top 100, compared to Nigeria’s 12 banks. These are new entrant Absa Bank (Ghana) at #87, Ghana Commercial Bank (#91) and Ecobank Ghana (#92).

Regional ranking Africa ranking Bank Country Date Capital ($m) Assets ($m) Profit ($m)
1 13 Zenith bank Nigeria Dec, 2020 2,323 22,212 604
2 16 Ecobank Transnational Incorporated Togo Dec, 2020 2,024 25,939 88
3 17 First Bank of Nigeria Nigeria Dec, 2020 2,004 20,138 330
4 21 Access Bank Nigeria Dec, 2020 1,693 22,732 278
5 22 United Bank for Africa Nigeria Dec, 2020 1,610 20,161 298
6 23 Guaranty Trust Bank Nigeria Dec, 2020 1,610 12,950 528
7 30 Bank of Africa Group Senegal Dec, 2020 1,021 10,442 137
8 36 Stanbic IBTC Nigeria Dec, 2020 780 6,512 218
9 37 Ecobank Nigeria Nigeria Dec, 2019 726 5,495 3
12 40 BGFI Bank Gabon Dec, 2020 648 6,580 82
10 41 Fidelity Bank Nigeria Dec, 2020 647 7,224 70
11 42 Union Bank of Nigeria Nigeria Dec, 2020 644 5,738 49
13 56 First City Monument Bank (FCMB) Nigeria Dec, 2019 446 4,475 38
14 76 Sterling Bank Nigeria Dec, 2020 326 3,402 29
15 87 Absa Bank (Ghana) Ghana Dec, 2020 252 2,139 80
16 91 Ghana Commercial Bank (GCB) Ghana Dec, 2019 237 2,194 75
17 92 Ecobank Ghana Ghana Dec, 2019 235 2,318 78
18 93 CitiBank (Nigeria) Nigeria Dec, 2019 229 2,417 103
19 NSIA Banque-Côte d’Ivoire Côte d’Ivoire Dec, 2020 190 2,899 13
20 Banque de Developpement du Mali Mali Dec, 2019 159 1,515 23

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Africa

NBA pick Khaman Maluach Hoping to ‘Change the Narrative’ About Africa

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Immediately after getting drafted, Maluach was asked: “So many people, when they think about Africa, think about strife, think about war, think about not so great things about the continent, let alone South Sudan. How much of a responsibility do you think you have in changing perceptions of what people think Africa is in terms of thinking more about the resources, thinking about the people of Africa and South Sudan, specifically?”

Maluach’s native country, South Sudan, is undergoing a humanitarian crisis. His family fled the country to a suburb of Kampala, Uganda, in search of safety and opportunity during the South Sudan crisis. He now hopes to change the narrative about the region by highlighting its good parts on the world stage.

“I think about showing them the good parts of Africa,” Maluach said at the press conference after he was drafted. “I’m thinking about showing them the great places in Africa, like Kigali, whether it’s Senegal, whether it’s the safaris in Africa, and showing them the cultures we have and the people we have, which is different from the stuff they see on TV. I just want to change the narrative, the narrative of our people and how they see my continent.”

Maluach was born in Rumbek, once an important city in South Sudan that was ravaged by the country’s civil war. The 7’2″ center’s road to success was far from easy. The nearest basketball court to his house was nearly an hour’s walk away and usually packed. Moreover, he played his first game in Crocs, not basketball shoes. But his dedication was enough to catch the eye of local coaches Wal Deng and Aketch Garang.

Through the effort that he put in, Maluach made it to the NBA Academy Africa in Saly, Senegal, then to the Duke Blue Devils, and now the Suns. He hopes the moment inspires kids on the continent.

“Living in Africa, I had the whole continent on my back. Giving hope to young kids,” he said after the Suns selected him No. 10 overall.

Maluach considers basketball a gift God gave him, and hopes to finish off his NBA career as a Hall of Famer.

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Nigeria’s first female fighter pilot Kafayat Sanni excels in Ghana

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After making history as Nigeria’s first female fighter pilot, Flt. Lt. Kafayat Sanni has emerged as the Best Allied Student and won the Best Assistant Commandant Paper award at the Ghana Armed Forces Command and Staff College, Accra, according to the News Agency of Nigeria (NAN).

In a statement released on Saturday and cited by NAN, the Director of Public Relations and Information of the Nigerian Air Force, Air Commodore Ehimen Ejodame, said the awards were presented on Friday during the College graduation ceremony which had in attendance top military personnel and dignitaries from across Africa.

Ejodame recalled how Sanni first made the news in 2019 after being decorated as the Nigerian Air Force’s first female fighter pilot following her pilot training in the U.S.

“Since then, she has flown the Alpha Jet as well as undertaken training sorties on the Super Mushshak as a prolific instructor pilot, producing and mentoring younger pilots for the NAF,” Ejodame said.

“Her outstanding performance at GAFCSC not only symbolises personal excellence and resilience but also underscores Nigeria’s growing leadership in regional defence and commitment to gender inclusion in the armed forces.

“This remarkable achievement further reflects the Nigerian Air Force’s strategic investment in human capital development under the visionary leadership of the Chief of the Air Staff, Air Marshal Hasan Abubakar,” he said.

In 2017, Sanni emerged as the overall best pilot at the Nigerian Air Force’s 401 training school before she moved to the United States to train at the U.S. Aviation Leadership program.

Upon completion, Sanni returned to Nigeria, where she, alongside 12 new fighter pilots, was decorated.

As Sanni became the first female fighter pilot in the 55-year history of the Nigerian Air Force, her colleague, Tolulope Arotile, also became the Force’s first female combat helicopter pilot.

“It is a privilege for me to be winged as the first female fighter pilot in the Nigerian Air Force,” Sanni said after being decorated.

Sanni said at the time she had always wanted to be a fighter pilot, and “I was just lucky to be chosen.”

“It was also my choice. It was what I wanted to do. And I felt that everyone is not supposed to fold their arms and watch what is happening in our country.

“Everyone could always play their part. So, I did not think there was any reason for me to think that it is not possible for me to actually fly the jet because there was no female that ever flew the jet. I believe I could achieve it and I did,” she said.

She then went on to advise younger girls to “never say no to opportunities.”

“They should always strive to be the best and put in their efforts. They should never look at anything that seems to want to overpower or overshadow them. For me, you can always attempt things and if they do not work out well; fine. But at every point in time, you just need to put in your best.”

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Hotel groups Hilton and Marriot announce African expansion plans

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U.S. hotel chains Hilton and Marriott have announced African expansion drives to tap into the continent’s rapid tourism growth.

Rising business and leisure travel on the continent has made it increasingly attractive for multinational companies and Hilton said on Wednesday that it plans to more than triple its African portfolio to more than 160 hotels.

The company plans to enter Angola, Ghana and Benin for the first time while returning to Madagascar and Tanzania, its statement said without providing a specific time horizon for the expansion plans.

Marriott expects to add 50 properties by 2027, it said on Wednesday. Those will include entry into five new countries: Cape Verde, Ivory Coast, the Democratic Republic of Congo, Madagascar and Mauritania.

The group’s existing African portfolio encompasses nearly 150 properties and 26,000 rooms across 20 countries and 22 brands.

Airlines have also increased their African capacity.

Emirates now offers 161 weekly flights across Africa, recently adding daily services to Entebbe and Addis Ababa. United Airlines launched a direct Washington-Dakar route in May and Delta will begin a seasonal daily flight to Accra in December.

International arrivals to the continent rose 9% year on year in the first quarter of 2025, the United Nations World Tourism Organization says, 16% above the same period of pre-pandemic 2019.

That momentum is translating into economic impact. Tourism accounts for between 3% and 7% of gross domestic product in countries such as Kenya, Morocco and South Africa, and up to 15% in tourism-heavy economies such as Namibia, World Bank and national statistics show.

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